By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index grew in October, pushed up by blue chips.
The DFMGI jumped 2.02% or 71.88 points to close the month at 3,635.87.
The UAE’s markets saw positive results during October, supported by a good outlook regarding companies’ performance, Tariq Qaqish, asset manager at Menacorp told Mubasher.
The positive results for most banks and several large companies prompted investors to maintain their confidence in the DFM.
The profits of 14 banks went up 3% year-on-year to AED 21.9 billion in the first nine months of 2017.
In October, the investment sector surged 10.5%, while Dubai Investments alone soared 13.4%.
The banks sector increased by 0.7% after Dubai Islamic Bank (DIB) added 1.16%.
November's initial public offering (IPO) for Emaar Development may result in profit-taking in the market, Qaqish commented, noting that the coming month will see a good performance owing to expectations related to new project announcements in the real estate sector.
During October, the DFM’s trading volume hit 6.21 billion shares, compared to 2.24 million shares in September, while the market’s turnover more than doubled to AED 8.61 billion versus AED 3.3 billion in the previous month.
Translated by: Muhammad Abdulwakeel
